Sale of Leasehold Land Contract (Subject to Commercial Lease)
Publisher one
ƵSource file
Jurisdiction
England and WalesRelevant sectors
Type of legal document
🏰 Commercial leasehold contractBusiness activity
Sell leasehold landA commercial leasehold contract is a contract between a landlord and a tenant for the use of commercial property. The contract sets out the terms of the lease, including the length of the lease, the rent, and the rights and obligations of both the landlord and the tenant.
The template outlines all the essential terms and provisions necessary for effectuating the sale of a leasehold property and ensuring compliance with the relevant UK laws and regulations. It includes clauses related to the property description, purchase price, payment terms, and conveyancing arrangements, among others.
This legal document also incorporates specific provisions addressing the existing commercial lease agreement, as it is an essential consideration in the sale process. The template outlines how the lease will be assigned or transferred to the buyer, including the necessary consents and procedures involved. It also covers any rights, obligations, or restrictions that may arise from the existing lease, ensuring that both parties are fully informed and protected during the transaction.
Moreover, the template provides provisions for warranties, representations, and indemnities to be made by both the buyer and the seller regarding the leasehold property. This helps to establish clear expectations and protections for both parties in the event of any unforeseen issues or disputes regarding the property or lease.
By utilizing this legal template, potential complications and risks associated with the sale of leasehold land subject to a commercial lease under UK law can be mitigated. It ensures that the rights and obligations of all parties involved are effectively addressed and documented, promoting a smooth and legally compliant transaction.
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